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TSXV: PGZ | OTCQX: PGZFF | FSE: 2EU
VANCOUVER, CB, March 21, 2024 /PRNewswire/ -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX-V: PGZ; OTCQB: PGZFF; FSE: 2EU) is pleased to announce the successful results of a flotation variability testing program for copper ("Cu") recovery at the La Romana copper-tin-silver deposit at the Escacena Project in southern Spain. Metallurgical tests are also being carried out for the recovery of tin, which will be reported when available.
"The new copper metallurgy test results at the La Romana deposit are further confirmation that simple conventional flotation can produce a clean, high-quality, high-value copper concentrate at potentially below-average cost." of the pyritic belt. These characteristics are highly desirable for smelters and potentially attractive for blending with lower quality concentrates, to increase their value and reduce penalty costs. These results are an important step in the development of the project to determine the optimal process costs, metal recoveries, cash flow projections and economic studies," said Tim Moody, President and CEO of Pan Global.
The metallurgical testing program is being carried out by Wardell Armstrong International (United Kingdom), under the coordination and direction of Minepro Solutions SL (Spain).
Minepro Solutions SL reported on March 19, 2024: "Compared to the average of the deposits in the Pyrite Belt, the La Romana mineral deposit has shown lower energy requirements for both crushing and grinding, larger release sizes coarse, and superior performance in the copper flotation process. This includes higher concentrate grades and improved recoveries using conventional circuits and chemical agents, indicating a moderate operating cost forecast for the process."
Results to highlight
Variability testing program
The primary objective of the La Romana metallurgical testing program is to determine the optimal mineralurgical process scheme and treatment plant design to produce marketable copper and tin concentrates.
The metallurgical variability study and new grinding tests were carried out using drill core samples selected from 10 blocks distributed throughout the La Romana deposit, and at different depths to help simulate different phases of mining extraction. Applying the same testing conditions, results for all blocks were compared to a reference sample ("REF") from previous metallurgical testing work reported on April 11, 2023.
The process diagram for the variability tests reproduced the process diagram and chemical reagents used for the reference sample. Specific:
Approximately 50 additional boreholes have been conducted at La Romana after samples were selected for the variability testing program in May 2023, and the copper deposit has extended westwards for a length of 400 meters and remains open to further expansion. In due course, it will be considered to extend the metallurgical tests to the western extension of the La Romana deposit.
Tin metallurgy results are expected to be reported shortly, and results from additional drilling at the Cañada Honda discovery are pending. Additional drilling is planned at both La Romana and Cañada Honda as part of the 2024 drilling program.
Figure 1 – Distribution of the 10 blocks and the composite samples chosen for the variability tests (W-E section view towards north).
Figure 2 – La Romana Closed Circuit Testing (LCT) Flowchart
Table 1 – Summary of closed loop testing (LCT) and reference sample (REF)
Table 2 – Head grades, open circuit concentrate grades and recoveries
Ro = Rougher, Cl = Cleaner
1 = Estimated
Table 3 – Grinding test results (Bond Ball Mill Work Index)
About the Escacena Project
The Escacena Project comprises an area of land of 5,760 hectares controlled 100% by Pan Global in the east of the Iberian Pyrite Belt. The Escacena Project is located near the operating Riotinto mine and adjacent to the former Aznalcóllar and Los Frailes mines, where Minera Los Frailes/Grupo México is in the final permitting phase and construction is expected to begin in 2024. The Escacena Project hosts the La Romana copper-tin-silver and Cañada Honda copper-gold discoveries, as well as other prospective targets, such as Bravo, Barbacena, El Pozo, Romana Norte, San Pablo, Zarcita, Hornitos, La Jarosa and Romana Deep.
About Pan Global Resources
Pan Global Resources Inc. is actively pursuing copper-rich mineral deposits, given compelling copper supply-demand fundamentals and prospects for strong long-term prices as a critical metal for global electrification and the energy transition. The Company's flagship Escacena Project is located in the prolific Iberian Pyrite Belt in southern Spain, where a favorable permit history, excellent infrastructure, mining and professional experience, and support for copper as a Strategic Raw Material by part of the European Commission collectively define a first-level jurisdiction for mining investment. The Pan Global team is made up of professionals with recognized talent in exploration, discovery, development and mining exploitation, all of them committed to operating safely and with the utmost respect for the environment and the communities with which we collaborate. The company is a signatory of the United Nations Global Compact and operates in accordance with its principles.
Qualified Person
Álvaro Merino, Vice President of Exploration of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical information in this press release. Mr. Merino is not independent of the company.
Forecast statement
Statements that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that the Company's actual results and results could differ materially from those in such forward-looking statements. The company believes that the expectations reflected in the forward-looking information included in this press release are reasonable, but there can be no assurance that these expectations will prove to be correct and undue reliance should not be placed on such forward-looking information. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the company's operations, markets, products and prices. Readers are referred to the risk disclosures contained in the company's management and analysis report of the company's audited financial statements filed with the British Columbia Securities Commission.
The forecast information contained in this press release is based on information available to the company as of the date of this press release. Except as required by applicable securities laws, the company does not intend to update this forward-looking information, nor does it assume any obligation to do so.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS SUCH TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS ANY RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR MORE INFORMATION PLEASE CONTACT:Jason Mercier, VP Investor Relations and Communicationsjason@panglobalresources.com / investors@panglobalresources.comTel: 1-778-372-7101 / 1-604-689-9930 www.panglobalresources.com
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